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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
INVESTMENT ADVISORS
Primary Contact:
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
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Lifestyle-Driven New Construction Built by Sage Homes
Address
City, State, Zip
Units
Year Built
Total Size
Parcel Nos.
Total Lot Size
County
1970 NE Fuson Rd
Bremerton, WA 98311
109
2024
73,363 NRSF
362501-2-010-2008
3.68 acres
Kitsap
market insights
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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The Opportunity
/ Lifestyle-driven new-construction housing opportunity on 3.70 acres in Bremerton, WA
/ 109 units across four garden-style buildings with diverse unit mix of studios, one, and two-bed units; 188 parking stalls provided
/ Phase I TCO expected within 60 days, Phases II, III and IV by 3Q24
/ Able to achieve higher rent than nearby comps thanks to luxury amenities, design, and unit size
/ Due to the prevalence of government jobs, the Bremerton metro area’s economy is less prone to fluctuations compared to most of the country
/ Market continues to keep and attract renters due to heightened home prices and more affordable rents when compared to the Seattle-Bellevue-Everett apartment market
/ Naval shipyard primarily drives apartment demand; other renters are attracted to Bremerton’s new apartment inventory, easy access to Seattle, and significantly lower cost of living
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Lifestyle-Driven New Construction Built by Sage Homes
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
/ Built by Sage Homes with construction representing the pinnacle of design and craftsmanship
/ Property to be fully completed in 3Q24, perfectly timed for the brisker rate of rent growth projected starting in early 2025
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
Our team
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View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
/ Occupancy rate in 4Q23 up 70 basis points annually
1970 NE. Fuson Rd.
Bremerton, WA 98311
Units
109
built
2024
total size
73,363 NRSF
Parcel
362501-2-010-2008
Lot size
3.68 acres
county
Kitsap
Steven Chattin | Managing Director
425.269.3826
steven.chattin@berkadia.com
425.269.3826
steven.chattin@berkadia.com
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Our Team
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The Opportunity
Location Map
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View Opportunity
/ Lifestyle-driven new-construction housing opportunity on 3.70 acres in Bremerton, WA
/ 109 units across four garden-style buildings with diverse unit mix of studios, one, and two-bed units;188 parking stalls provided
/ Phase I TCO expected within 60 days, Phases II, IIIand IV by 3Q24
/ Built by Sage Homes with construction representing the pinnacle of design and craftsmanship
/ Able to achieve higher rent than nearby comps thanks to luxury amenities, design, and unit size
property overview
/ Occupancy rate in 4Q23 up 70 basis points annually
/ Tranquil setting overlooking the Illahee Nature Preserve and Rolling Hills Golf Course
/ 9-minute direct drive to downtown Bremerton and ferry terminals via Highway 303/Wheaton Way
/ 4 King County Metro bus routes accessible within 0.2 miles, including a stop next to the property
/ Olympic College with 5,900+ students enrolled in Fall 2023
/ Surrounded by retail amenities including Fred Meyer and Lowes within 0.5 miles
Location summary
/ Property to be fully completed in 3Q24, perfectly timed for the brisker rate of rent growth projected starting in early 2025